Section 11 & 12 Exemption allowable to Surat District Cricket Association

ACIT Vs Surat District Cricket Association (ITAT Surat) Conclusion: When the assessee’s main dominant and prime objective was to promote the sports was not desire to earn profits but, object of promoting sports for Nation, it was clearly a charitable purpose. Assessee was entitled for exemption under section 11. Held: AO found that assessee had received income of Rs. 1.57 Crore, which had been shown under the head “ income from other sources” in income and expenditure account. Assessee claimed exemption under section 11 of Rs.3.90 Crore/-. AO on perusal of income and expenditure account ...